question archive Assume the long run elasticity of demand for gasoline is -0
Assume the long run elasticity of demand for gasoline is -0
Subject:EconomicsPrice:2.88 Bought3
Assume the long run elasticity of demand for gasoline is -0.25 and start with the current California price of gasoline of $3.10 per gallon.
How much would we need to increase the price in order to cut gasoline use in half in the long run?
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